The framework psab accounting standards excluding ps 4200 series differences with cica handbook 1. Summary comparison of canadian public sector accounting standards with the cica handbook part v 4 1. The guidance provided here is a basic summary of canadian public sector financial reporting and should not be relied on as accounting advice. This handbook contains the complete international public sector accounting standards, published as of january 31, 2019. The canadian institute of chartered accountants 277. Accounting handbook barrons accounting handbook sixth edition by jae k. Ipsasb completes guidance on social policy expenditure. Public sector accounting psa handbook either with or without the public sector. The psab handbook states that tangible capital assets. Has set out the concepts underlying the accounting principles for government financial statements.
The future of notforprofit accounting standards deloitte. The public sector accounting groups guide to accounting for and reporting tangible capital assets notes page 27. The proposed standard would apply to fiscal years beginning on or after april 1, 2021. Psabs exposure draft on aros closed for comment june 15, 2017. After reading this guide you should have a general. Psab believes that the proposed reporting model will. Ap 707 psab accounting administrative procedures manual. Accounting education news psab to issue new section on. The primary objective of a basis for conclusions document is to set out how the public sector accounting board psab reached its conclusions. Undelivered paychecks are returned to the business office for safe keeping and processed accordingly. Public sector accounting board psab annual update the psa handbook is the primary authoritative source of public sector gaap. That public sector accounting handbook recommendations for local governments psab be adopted as the financial reporting standard for ontario school boards.
As part of its current gnpo strategy, psab has issued its government notforprofit consultation paper to communicate the results of its 20172018 gnpo consultations and to request stakeholder input on key issues that will guide psab in. Alternatively, when a public sector entity is adopting the ipsa handbook for the first. This publication has been compiled to assist users in gaining a high level overview of public sector accounting standards included in the cpa canada public sector accounting handbook as of october 31, 2018. Prior to this standard being released, the cpa canada public sector accounting handbook did not provide specific guidance on how to account for or report various types of asset retirement obligations. This manual is not meant to be the final authoritative source on financial statement presentation and disclosure. Not every standard in the public sector accounting handbook is included in this psab at a glance publication. Background the public sector accounting board psab presents canadian municipalities with significant changes to accounting for tangible capital assets. In august 2018, the public sector accounting board psab issued section ps 3280 asset retirement obligations. Accounting handbook psa as set out by the canadian institute of chartered accountants cica. The public sector accounting boards psab presents canadian municipalities with significant changes on its financial reporting. This document summarizes key aspects of psa standards for government organizations as of january 17, 2014. A revised reporting model for the canadian public sector. The cpa canada public sector accounting psa handbook contains.
The canadian public sector accounting board psab proposes, subject to comments received following exposure, to issue a new section, related party transactions. His articles have appeared in major accounting and auditing journals. School division financial reporting manual 201819 page 1. That the ministry establish an implementation date for full compliance with psa handbook. The existing conceptual framework prohibits indigenous governments from recognizing the purchase of valuable intangible assets on the statement of financial position. The applicable portions of the cica public sector accounting handbook are. The psa handbook is the primary authoritative source of public sector gaap. Report of the psab workgroup on the implementation of. Since 1911, psab has represented the interests of boroughs and helped to shape the laws that laid their foundation. Psabs due process manual sets out the due process the board must follow. Psab at a glance this publication has been compiled to assist users in gaining a high level overview of public sector accounting standards included in the cpa canada public sector accounting handbook as of december 1, 2015. Psab supplement 10 warehousesupply inventory page 3 rev.
Public sector accounting standards psas bdo canada. The cica handbook is the final authoritative source. Government organizations that applied the cpa canada handbook accounting prior to their adoption of the cpa canada public sector accounting psa handbook, have applied sections ps 2601 and ps 3450 to fiscal years beginning. Guide to accounting standards for notforprofit organizations. Cpa canada public sector accounting handbook psacc. Other standardsetters canadian public sector accounting board psab financial accounting standards board fasbfor u. The introduction to public sector accounting standards was amended to direct government notfor. However, the not for profit section of the cica handbook states that volunteer labour and donated materials can be. The public sector accounting board and the accounting standards board separately issued accounting standards for notforprofit organizations in 2010 and 2011, respectively. School division financial reporting manual 201819 page 2. Public sector financial statement presentation and. Public sector financial statement presentation and disclosure checklist about this checklist this checklist is intended to present the reporting requirements as denoted by ps references for annual financial statements of public sector entities prepared in accordance with public sector accounting standards psas. The public sector accounting board psab is silent as to whether volunteer labour and donated materials can be capitalized as part of the cost of an asset. The school district records expenditures at the time the goods and materials are received and accepted as delivered.
The final section within this document highlights the current status of public sector accounting board psab projects. The cpa canada public sector accounting handbook contains standards and guidance with respect to matters of accounting and financial reporting in the public sector, as issued by the public sector accounting board psab. Group and approved by the psab implementation steering committee. Accountants assistant handbook 7 integration with your creative solutions accounting software when you retrieve transactions from a cbs clients exported data, those transactions transfer seamlessly through the accountants assistant module and then into. Public sector accounting board part of cica made up of senior government executives and experts in government financial reporting. Starting 2009, all local governments, including newfoundland and labrador municipalities, are required to record their tangible capital assets tca in the financial statements and amortize them over their useful life. Public sector accounting board psab released a statement of principles. Financial reporting manual appendix c psab, summary of. This section would apply to all governments and government organizations that base their accounting policies on the cica public sector accounting handbook.
Links to other helpful websites these links are provided as a convenience for the many visitors to our web site and should not be viewed as an endorsement of the particular organizations or the documents contained therein. The pennsylvania state association of boroughs psab is a statewide, nonpartisan, nonprofit organization dedicated to serving 956 borough governments. Understanding the current work of psab provides insights into potential future. In addition, the comments made in this response are generally consistent with the existing conceptual framework in the public sector accounting psa handbook. This document sets out the due process that the public sector accounting board. Prince edward island implementation guide to tangible capital assets for municipalities 1. The standards for private sector notforprofit organizations can be found in part iii of the cica handbook accounting. These procedures do not belong in the psa handbook and other guidance and are.
The school divisions management is responsible for the preparation of the financial statements in accordance with canadian public sector accounting standards and the format specified in the financial reporting manual issued by the ministry of. At its meeting on march 2223, 2018, the psab approved the final handbook section ps 3280, asset retirement obligations. Public sector accounting board faq municipal affairs. Stay current with timely and authoritative standards and guidance with respect to accounting and financial reporting in the public. Psab follows in setting financial reporting standards, including guidelines. Summary of canadian public sector accounting standards for. Cpa canada standards and guidance collection public sector accounting. Public sector accounting handbook section 3150 tangible. Conceptual framework for the canadian public sector. For fiscal years beginning on or after january 1, 2009, ps3150. Section 1 financial statement concepts and objectives. Financial reporting manual appendix d psab checklist. The opinions stated in the presentation are those of the author and do not necessarily reflect the views of psab. Section ps 2200 cpa canada public sector accounting.
This new section will be effective for fiscal years beginning on or after april 1, 2021. Public sector accounting board psab the psa handbook is the primary authoritative source of public sector gaap. At the cpa canada public sector accounting conference october 23rd and 24th, certain members of psabs aro task force presented an overview of stakeholder feedback on the exposure draft. Click here for a full listing of cpa canada handbook products.
Official positions of psab are established only after extensive public due process. Cpa canada public sector accounting handbook revisions release no. Psab standardsetting due process manual fras canada. The purpose of financial statement concepts is to provide a basis for psab when deciding on alternative accounting treatments for emerging issues and for a preparer of financial statements when assessing other authoritative accounting standards if the public sector accounting handbook is silent on an issue. Not every standard in the public sector accounting handbook. Public sector accounting handbook section 3150 tangible capital assets section ps 3150 tangible capital assets table of contents paragraph purpose and scope.
1544 314 262 896 154 857 964 1169 1387 393 57 555 994 982 1396 932 420 884 135 72 211 1457 1274 1482 741 1096 1320 1351 1249 854 1253 1540 102 605 551 599 1337 435 863 705 1217